The Hindu Business Line : CIAL posts Rs 22-crore net profit; to pay 8 pc

COCHIN International Airport Ltd (CIAL) at nearby Nedumbassery has posted a net profit of Rs 22.11 crore last fiscal against Rs 12.54 crore in 2002-03 and declared a dividend of eight per cent.

This was announced by the Chief Minister, Mr Oommen Chandy, who is also Chairman of CIAL, after the 10th AGM on Friday.

Gross revenue went up to Rs 85.26 crore (Rs 60.37 crore). A masterplan is under preparation for the overall development of the airport during the next five years.

He said that the outstanding dues amounting to Rs 52 crore to Hudco would be settled soon.

Under the one-time settlement (OTS) reached by the CIAL with Hudco, the major financier of the airport project, the former had to repay Rs 172 crore.

Of this, the company had already repaid Rs 120 crore and kept the balance Rs 52 crore for converting into Hudco's equity in the airport company, one of the directors told Business Line. But a decision on converting this loan to equity has yet to be taken by the Hudco, he added.

CIAL has taken loan at seven per cent interest for repaying the high-cost Hudco loan.

The company's decision taken long back to enhance its equity base to Rs 200 crore would be completed only after the shares worth Rs 52 crore are subscribed, he said. The current paid up capital is Rs 148 crore.

The directors have been insisting for long that the shares worth Rs 52 crore be allotted to existing shareholders as rights issue, he added.

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CIAL posts Rs 22-crore net profit; to pay 8 pc